IDF and Oaktree commit $1.7B to Bloom Energy fuel cells for Nebius AI

Industrial Development Funding (IDF) and Oaktree have announced $1.7 billion in project investment to deploy Bloom Energy (NYSE: BE) fuel cell technology for Nebius's AI cloud infrastructure, according to a press release issued July 16, 2026.

IDF is the lead developer on the project, with Oaktree holding a minority equity stake. Morgan Stanley served as sole tax equity investor and placement agent for the tax equity financing, while MUFG Bank provided senior debt financing. The completed project will supply dedicated behind-the-meter power to Nebius's AI cloud platform.

Aman Joshi, Chief Commercial Officer of Bloom Energy, said, "AI infrastructure customers need more than innovative technology. They also need a path to finance and deploy power rapidly. Our collaboration with IDF demonstrates how institutional capital can help accelerate the build-out of AI infrastructure."

Nik Nunes, CEO of IDF, said the project is aimed at helping Nebius "meet the energy demands of the AI economy." Austin Pearson, Oaktree Managing Director, cited confidence in Bloom's fuel cell technology as a factor in the investment decision.

The transaction expands an existing relationship between IDF and Bloom Energy, which the press release states has produced a portfolio of more than $2.6 billion in Bloom Energy projects across multiple transactions.

Oaktree manages $224 billion in assets under management as of March 31, 2026.

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